BUSINESS
Russia's credit ratings downgraded to 'junk' by Moody's and Fitch
Russias credit ratings have been downgraded deep into the 'junk' territory by Moodys Investors Service and Fitch Ratings, with the duo highlighting the economic toll inflicted by wide-ranging sanctions and rising doubts about whether Moscow will honour its debts, The Wall Street Journal reported.
10-year High: Ukraine crisis pushes crude price close to $120 a barrel
Continuing hostilities between Russia and Ukraine pushed crude oil price to a 10-year high of $119.84 per barrel on Thursday. The global hike in crude oil prices led by the Russia-Ukraine crisis is expected to push India's domestic prices of petrol and diesel by over Rs 22 per litre.
Shot in the arm for wheat traders as domestic prices hit lifetime high
Riding on a possible supply disruption of foodgrains - especially wheat -- due to the ongoing war in Ukraine, wheat's prices have hit a record high in India. Both Russia and Ukraine are major producers of wheat. In the key market of Madhya Pradesh's Indore, the foodgrain was sold at Rs 2,400 per quintal against Rs 2,000-2,100 until recently.
Tesla won't stop union vote, says Elon Musk
Tesla CEO Elon Musk has invited the United Auto Workers (UAW) to hold a union vote at the Tesla factory, stating that Tesla "will do nothing to stop" the voting process. According to the auto-tech website Electrek, it is the latest in a years-long saga between the UAW and Tesla, in which Tesla has been found to violate labour laws in unfairly cracking down on the union organisation.
'Amazon gods will have to come down...', Future on Amazon's proposal for dialogue in SC
Senior advocate Gopal Subramanium, representing Amazon, submitted before a bench headed by Chief Justice N.V. Ramana that the "whirlpool" of litigation was being dragged for too long and proposed talks with Future Retail and Future Coupons, to end the logjam, as the business houses are embroiled in legal battles at various forums.
GMDC shares rise 16% taking cues from rising global commodity prices
Shares of the Gujarat Mineral Development Corporation (GMDC) jumped 16 per cent on Thursday in line with rising global commodity prices – crude oil and other industrial metals. Global crude oil prices hit multi-year highs due to the ongoing war between Russia and Ukraine, and any sharp rise in crude prices has a direct bearing across the board.
Supply disruptions of sunflower oil lift crude palm oil prices to all-time high
Possible short supply of sunflower oil amid the ongoing Russia-Ukraine has led the crude palm oil prices going through the roof.
Escalated geo-political worries in the Black Sea region may have significant bearing on sunflower seed and the oil supply from the region. India is the major importer of crude palm oil and the country meets more than two-thirds of its edible oil needs through imports, of which palm oil accounts for more than 60 per cent.
Ashneer tells BharatPe Board to do its actual job and stop vilifying him.
Ashneer Grover, who quit fintech platform BharatPe he co-founded amid serious allegations of financial wrongdoings against him and his wife, has hit back at the Board of the company, saying he is "appalled at the personal nature of the BharatPe Board's statement, but not surprised".BharatPe said it reserves all rights to take further legal action against him and his family.
War Casualty: Russia-Ukraine crisis to dent India's auto sector
India's automobile industry is expected to bear the brunt of lower supplies of components triggered by the ongoing Russia-Ukraine war. Besides, the industry is expected to face subdued consumer sentiment as OMCs are expected to raise domestic fuel prices in consonance with high crude cost. Notably, both the countries produce key raw materials which are used in components that are key to producing automobiles such as semiconductors.
Equities trade negative in afternoon session; Nifty auto dives (Ld)
After rising marginally in the opening session, India's key indices -- S&P BSE Sensex and NSE Nifty50 -- declined in the afternoon session on Thursday. Among stocks, Tech Mahindra, Asian Paints, HDFC Life, Dr Reddy's, and Shree Cement were the top five losers in the afternoon session, down 4.8 per cent, 4.7 per cent, 3.6 per cent, 2.9 per cent, and 2.9 per cent, respectively.
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